February 24, 2024
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RENEWABLE ENERGY

TotalEnergies to Invest in Nigeria’s Deep Water Energy Sector

Total Energies says it is ready to invest the sum of $6billion in Nigeria’s deep water and gas production. The Multinational Energy Company, made this known on Monday at the State House, during an official visit to the Nigerian President, Bola Ahmed Tinubu.

The Global CEO of Total Energies Worldwide, Patrick Pouyanne, described Nigeria to be very important for TotalEnergies, accounting for 8 to 10 percent of the company’s worldwide total production and over 18 percent of its global investment.

“Mr. President, we are ready to invest $6 billion in the coming years. We are looking extensively at more deepwater production and gas production opportunities across the terrain. We welcome your policies and your personal commitment to ensuring that all required fiscal incentives are provided while security issues are tackled. Everything is here. We just need to conclude with the tweaks and changes necessary to unlock the outstanding potential in both oil and gas,” Pouyanne stated.

He further stressed the company’s commitment to working with Nigeria towards the growth and exploration of the country’s gas resources.

In his remark, the President of Nigeria, Bola Tinubu, appreciated the company for the confidence it has shown in working with Nigeria through their years of investment. He assured them of his administration’s commitment to making the country investment friendly both in the inshore and offshore.

“The moment I took over, there was a clear path that we set out to pursue, and we will ensure that Nigeria remains a top-level investment choice in the dynamics of the offshore and onshore sectors.” He said.

He emphasized that the Petroleum Investment Act (PIA), is there to create an environment that is favourable for investment.

 

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